Over the past few years, we’ve seen a transformation in the Financial Services industry with regard to automation technology and expert systems. But automation in finance isn’t really new. In fact, it began as far back as the 1960’s, when ATM’s were introduced. However, automation in manufacturing is even older. For example, automation in the auto industry has been ongoing over the last 100 years. What can finance learn from the story of automation in manufacturing? What are the results of automation in manufacturing?

Higher Safety Rates
Even with the increase in production and use of vehicles, over time the number of deaths attributed to car accidents decreased by 90% from 1923 to 1997. While a portion of these deaths can be attributed to human error, the overall dramatic decrease in fatalities reflects a general increase in safety.

So what can to automation in manufacturing teach finance? It’s clear that over time the automotive industry improved the quality of their product and the industry’s production capacity, while driving down the cost of the product and ultimately expanding the potential market of buyers. Thanks to automation, cars today are cheaper, safer, more accessible for consumers, and more profitable for companies. What else can finance learn from the history of automation in manufacturing? Is there a right and a wrong way to automate? And what are leaders in financial services saying about automation?

Arden Manning

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